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Bitcoin Falls Under $21.4K, Traders Lose $600 Million

In general, Bitcoin and cryptocurrency traders should I woke up to red lines throughout (opens in new tab)bitcoin followed the open market with a steep 9.3% drop to a three-week low of $21,400. This marks the steepest drop in two months, as it has lowered confidence in .

Markets respond quickly to changes in monetary policy. The temporary rally in the stock and crypto markets after the May-June crash was based on the market’s confidence that it has already priced in a rate hike in 2022. This was consistent with expectations that inflation would soon subside to see a reversal in 2023. Rate hikes set the stage for a gradual recovery, along with a controlled return to normality.

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